Investors Turn to Internet Stocks After Dow Briefly Hits Milestone

The Dow breaks the magic 10,000 mark — hitting 10,001.78 — eclipsing anything that occurs across the board. Yet nervous investors push it back down after the roar of the crowd and smell of the grease paint. The teeter totter of value shifts to technology shares as the ISDEX and NASDAQ both end the day up while the Dow is down.



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  • (NASDAQ:XMCM) steps back to the trough to sell 4 million shares in a follow-on offering, 2 million from the ecommerce community firm and 2 million from selling shareholders. Underwriters are led by Bear Sterns, H&Q, BRS, and Wit. Pro forma shares out will be 16.08 million. XMCM shares soften on the dilution, off 8.4% to $63.75.

  • USWeb (NASDAQ:USWB) gets a initial “buy” from Soundview. I think the Web marketing solutions company holds great potential for outsourcing Web presences for corporations. The integration of CKS adds the personal touch to the marketing effort.
    USWB closes up 6.5% to $42.0625 per share.

  • EarthLink (NASDAQ:ELNK) and CyberCash (NASDAQ:CYCH) team up to provide CyberCash payment solutions on EarthLink’s new commerce area for to allow businesses to create commerce sites on the ISP. CYCH closes up 12% at $16. I believe if CyberCash can execute on this e-payment solution among many outlets perhaps the promise of its 5 years efforts in this space may pay off, if not 1999 then 2000. I think eCommerce is pulling into the station now.

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